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SCA profit falls by 45 per cent

SCA purchased the Worongary Town Centre on the Gold Coast for $46.3 million last year.

Shopping Centres Australasia Group (SCA) has reported a decrease in statutory net profit after tax by 45.2 per cent compared to last year, reaching $175.2 million, reflecting a smaller increase in property values year over year, in its results for the 12 months ending June 30, 2018.

Discount department store sales have also improved by 1.9 per cent as a result of better performance from Big W stores which recorded positive month-on-month sales growth during FY18.

Mini-majors sales growth (2.7 per cent up) improved due to an improved performance from the discount variety category, while specialty stores improved by 3.3 per cent, related to core non-discretionary categories food and liquor (2.2 per cent up), retail services (5.6 per cent) and pharmacy (5.3 per cent).

SCP CEO Anthony Mellowes notes that the company continues to take advantage of development opportunities in its portfolio.

“In July 2018 the new Coles anchored neighbourhood centre at Bushland Beach was completed, and the new Woolworths anchored neighbourhood centre at SHell Cove is progressing to plan with an expected completion date of late 1H FY19,” he said.

“We continue to identify and progress other development opportunities in our portfolio which we plan to complete progressively over the next five years.”